AMETEK ANNOUNCES AMENDED REVOLVING CREDIT FACILITY

Rhea-AI Summary

AMETEK, Inc. (NYSE: AME) has finalized an amended and restated Revolving Credit Facility, increasing its size from $1.5 billion to $2.3 billion. The facility, now maturing in May 2027, was originally set to expire in October 2023. Alongside this expansion, AMETEK has terminated an $800 million delayed draw, bank term loan. This enhanced credit facility aims to support the company's growth strategies, including potential strategic acquisitions, as stated by CFO William J. Burke.

Positive

• Increased Revolving Credit Facility from $1.5 billion to $2.3 billion.
• Extended maturity date from October 2023 to May 2027.
• Enhanced financial flexibility to support growth initiatives, including acquisitions.

Negative

• None.

BERWYN, Pa., May 13, 2022 /PRNewswire/ -- AMETEK, Inc. (NYSE: AME) announced that it has completed an amended and restated Revolving Credit Facility increasing the size from $1.5 billion to $2.3 billion. The facility, previously due to expire in October 2023, now has a maturity date of May 2027. In conjunction with this expanded Revolving Credit Facility, AMETEK has terminated the $800 million delayed draw, bank term loan.

"AMETEK's Revolving Credit Facility is a key component of our financing structure. This upsized and extended facility provides us with additional flexibility to support our growth initiatives, including strategic acquisitions," commented William J. Burke, Executive Vice President and Chief Financial Officer.

JPMorgan Chase Bank, Bank of America, PNC Bank, Truist Bank and Wells Fargo Bank, acted as joint lead arrangers and joint book managers for the credit facility, leading a syndicate that includes six additional banks.

Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with 2021 sales of $5.5 billion. The AMETEK Growth Model integrates the Four Growth Strategies - Operational Excellence, New Product Development, Global and Market Expansion, and Strategic Acquisitions - with a disciplined focus on cash generation and capital deployment. AMETEK's objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. The common stock of AMETEK is a component of the S&P 500.

Contact:
Kevin Coleman
Vice President, Investor Relations and Treasurer
kevin.coleman@ametek.com
Phone: 610.889.5247

View original content:https://www.prnewswire.com/news-releases/ametek-announces-amended-revolving-credit-facility-301546362.html

SOURCE AMETEK, Inc.

FAQ

What is the significance of AMETEK's new Revolving Credit Facility announced on May 13, 2022?

AMETEK increased its Revolving Credit Facility from $1.5 billion to $2.3 billion, extending the maturity to May 2027, enhancing financial flexibility for growth.

How does the amended Revolving Credit Facility affect AMETEK's financial strategies?

The larger credit facility supports AMETEK's growth initiatives, including strategic acquisitions, ensuring greater financial stability.

What was the previous maturity date for AMETEK's Revolving Credit Facility before the amendment?

The original maturity date was set for October 2023.

Which banks were involved in AMETEK's amended credit facility?

JPMorgan Chase Bank, Bank of America, PNC Bank, Truist Bank, and Wells Fargo Bank acted as joint lead arrangers.

What company profile information is available for AMETEK, Inc.?

AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with 2021 sales of $5.5 billion.